Monthly Archives: May 2016

Equalisation levy ( CHAPTER VIII of Finance Act 2016) Salient Features of Equalisation levy Equalisation levy shall come into force w.e.f 01.6.2016 Equalisation levy is covered in CHAPTER VIII of Finance Act 2016 ,which extend to whole of India except the State of Jammu and Kashmir. Equalisation levy shall be charged on any specified service received or receivable by… Read More »

Section 206c(1d) of Income Tax act Section 206c(1d) of Income-tax Act, 1961 after Amendment by Finance Act , 2016 (1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (other than bullion or jewellery) or providing any service , shall, at the time of receipt of… Read More »

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka) The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information:— THE DR. RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVERSITY ACT, 2016… Read More »

[To be published in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (i)] Government of India Ministry of Finance Department of Revenue New Delhi the 31st May, 2016 Notification No 29/2016-CE(NT) G.S.R. (E). – In exercise of the power conferred by sub-sections (1) and (2) of section 218 of the Finance Act, 2016,… Read More »

Krishi Kalyan Cess notifications Krishi Kalyan Cess notifications : Levied by Finance Act 2016 KRISHI KALYAN CESS is levied as per CHAPTER VI of Finance Bill 2016. It shall come into force on the 1st day of June, 2016. As per Finance bill 2016 ” There shall be levied and collected a cess to be called the Krishi Kalyan… Read More »

Seeks to exempt such taxable services from whole of Krishi Kalyan Cess leviable thereon which are either exempt from the whole of service tax by a notification or otherwise not leviable to service tax. Further, the notification seeks to provide that abatement notification shall be applicable for computing Krishi Kalyan Cess NOTIFICATION NO.28/2016-ST, DATED 26-5-2016… Read More »

Seeks to amend notification No. 12/2013- ST, dated the 1st July, 2013 so as to inter alia allow refund of Krishi Kalyan Cess paid on specified services used in an SEZ. NOTIFICATION NO.30/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994),… Read More »

1.04 crore people skilled in 2015-16 under Skill India Mission; a quantum leap by 36.8% since last year: Shri Rajiv Pratap Rudy On the occasion of completion of two years of inclusive growth and development under the NDA government, Union Minister of State for Skill Development and Entrepreneurship (Independent Charge) and Parliamentary Affairs Shri Rajiv… Read More »

On amendment in Section 206C, sub section 1 of the Income Tax Act, 1961 for Sale of Motor Vehicle of Value exceeding Rs. 10,00,000 Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally… Read More »

e-Verification User Manual For Form 35 e-Verify Form 35 (Individuals) e-Verify Form 35(other than Individuals) Electronic Verification Code (EVC) has been enabled for online filing of appeal before Commissioner (Appeal) in Form 35 for taxpayers not required to file using DSC. Related Post 1, Online filing of Appeal before CIT (appeals) enabled 2. How to e -file… Read More »

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 13/2015-2020 Dated: May 27, 2016 Subject: Single application for filing claim under MEIS for shipments from different EDI Ports. In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-2020, the Director General… Read More »

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 12/2016, Dated: May 30, 2016 Subject:- Admissibility of claim of deduction of Bad Debt under section 36(1) (vii) read with section 36(2) of the Income-Tax Act, 1961- reg. Proposals have been received by the Central Board of… Read More »

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO. 34/2016 New Delhi, the 26th May, 2016 S.O. 1902(E).– In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 31st day of December, 2016 as the date on or before which… Read More »

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO. 35/2016 New Delhi, the 26th May, 2016 S.O. 1903 (E). – In exercise of the powers conferred by sub-sections (1) and (2) of section 211 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely : 1.… Read More »

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI NOTIFICATION NO. 37/2016, Dated: May 27, 2016 S.O.1904(E). – In exercise of the powers conferred by sub-section (2) of section 163 of the Finance… Read More »

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—Section 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka) The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information: THE INSOLVENCY AND BANKRUPTCY CODE, 2016 NO. 31… Read More »

ICAI ANNOUNCEMENT The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals, it has been decided to extend the time limit for filing of such e-appeals. E-appeals which were due to be filed… Read More »

Fare Fixation Committee for Delhi Metro notified ; to submit report in 3 months Ministry of Urban Development has notified the Fare Fixation Committee (FFC) for recommending the passenger fares for Delhi Metro network in Delhi and its extension to National Capital Region. Set up under Sections 33 and 34 of the Metro Railway (Operations… Read More »

DISCLOSURE OF THE IMPACT OF AUDIT QUALIFICATIONS BY THE LISTED ENTITIES CIRCULAR NO. CFD/CMD/56/2016, DATED 27-5-2016 1. SEBI has put in place a mechanism to review the audit qualifications contained in the audit reports of the listed entities. The detailed procedure for the same has been prescribed in Schedule VIII read with Regulation 33 and… Read More »

NOTIFICATION NO.F.3 (671)/POLICY/VAT/2016/284-296, DATED 27-5-2016 Whereas, the Department of Trade and Taxes, Government of National Capital territory of Delhi vide Notification No. F.3(671)/Policy/VAT/2016/251-63 dated 19-5-2016, had notified an online Form Delhi Sugam-1 (DS1), in exercise of the powers conferred under section 70 of the Delhi Value Added Tax Act, 2004, for furnishing the details in… Read More »

Income Tax on sale of agriculture land Sale of agriculture land situated in Rural Area Following land is agriculture land in rural area and is not capital asset as per section 2(14). Thus no tax is payable on sale of agriculture land :- Land situated in area within the jurisdiction of a municipality (whether known as municipality, municipal… Read More »

Income Declaration Scheme 2016 ( Income Declaration Scheme 2016 : Chapter IX of the Finance Act 2016) Analysis of Income Declaration Scheme 2016 Income Declaration Scheme 2016 incorporated as Chapter IX of the Finance Act 2016 Income Declaration Scheme 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th… Read More »

Stay of demand (Stay of demand as per Income tax Act 1961 ) Stay of demand : Revised guidelines of CBDT PRESS RELEASE, DATED 3-3-2016 With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of… Read More »

Section 40(a)(ia) of Income Tax Act 1961 Disallowance of expenses for non deduction of TDS BUY Analysis of Section 40(a)(ia) relating to Disallowance of expenses for non deduction of TDS 30% disallowance of expenses for non deduction of TDS under Section 40(a)(ia) This 30% disallowance of expenses for non deduction of TDS under Section 40(a)(ia) of… Read More »

NOTIFICATION NO.28/2016-ST DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) read with sub-section (5) of section 161 of the Finance Act, 2016 (28 of 2016), the Central Government, being satisfied that it is necessary in the public interest so to do,… Read More »

NOTIFICATION NO.27/2016-ST DATED 26-5-2016 In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994) read with sub-section (5) of section 161 of the Finance Act, 2016 (28 of 2016), the Central Government, being satisfied that it is necessary in the public interest so to do,… Read More »

NOTIFICATION NO.28/2016-C.E. (N.T.), DATED 26-5-2016 In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : – 1. (1)… Read More »

NOTIFICATION NO.29/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by rule 6A of the Service Tax Rules, 1994, the Central Government, hereby makes following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),No. 39/2012- Service Tax, dated the 20th June, 2012, published in the Gazette of… Read More »

“Mission 11 Million” to engage more than 11 million children in activities relating to Football to be launched in October, 2016 The Union Ministry of Youth Affairs and Sports has urged the states and Union Territories to take necessary steps to popularize and promote the sport of Football in their territory in order to make… Read More »

Unique Disability Identity Card will be soon made Available – Shri Thaawarchand Gehlot Shri Thaawarchand Gehlot, Union Minister for Social Justice & Empowerment today felicitated the beneficiaries of its various schemes in a special function held at Vigyan Bhawan, here. Speaking on the occasion after felicitating the beneficiaries Shri Gehlot said that it is the… Read More »

Portal launched to promote Net Zero Energy Buildings Ministry of Power and the United States Agency for International Development (USAID) today launched India’s first integrated web portal designed to promote and mainstream Net Zero Energy Buildings (NZEB) in India. The portal (www.nzeb.in) was launched by Shri Pradeep Kumar Pujari, Secretary, Ministry of Power, and Ambassador… Read More »

Ministry of Finance 27-May, 2016 Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards,… Read More »

Ministry of Finance 27-May, 2016 Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of… Read More »

RBI/2015-2016/407 DCBR.CO.BPD.BC.No.16/16.05.000/2015-16 Jyeshtha 5, 1938 May 26, 2016 All Banks Dear Sir/Madam Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ We advise that the name of ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ has been included in the Second Schedule to the… Read More »

RBI/2015-16/408 DNBR.CC.PD.No.081/03.10.01/2015-16 May 26, 2016 To All Non-Banking Financial Companies (NBFCs) Madam/Sir, Review of Framework for Revitalising Distressed Assets in the Economy and Strategic Debt Restructuring Mechanism The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic… Read More »

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